• Today, the lowest price rebounded from around 3900 to 4080, with a fluctuation of about 200 US dollars, which is not significant.

• The current price has retreated to around 3900, and the short-term rebound momentum has weakened somewhat.

2. Key Support and Resistance

• Support: 3850 serves as short-term support; if it holds above 3800, there is still a chance to rise to 4300–4500.

• Resistance: The range of 4100–4200 acts as short-term resistance; if broken, we can look towards 4300–4500.

• Downside Risk: If it falls below 3800, the downside gap opens up, and short-term support will move down to 3500–3100.

3. Technical Indicator Reference

• Moving Averages (MA):

• The 20-day moving average is around 3950, with prices oscillating around this average; the short-term trend is volatile.

• The 50-day moving average is around 3800–3820; if broken, it confirms a medium-term bearish trend.

• RSI (Relative Strength Index): Around 50, indicating current balance between bulls and bears, with limited rebound momentum. If it drops to around 30, it leans towards oversold, with a possibility of a short-term rebound.

• MACD: The short-term MACD histogram is starting to contract, with DIFF and DEA approaching cross, indicating weakening rebound momentum, and the market may continue to oscillate or retreat.

4. Operational Reference

• Small range operations: 3800–4200 can be high sell low buy; pay attention to the situation of holding the 3800 support.

• Large range reference: 3500–4500, with the key watershed at 3800. If the downside risk increases, cautious defense of lower positions is necessary.